The annual meeting of the shareholders will be held on
 April 20, 2023 at 1:00 PM Central Daylight Time.

 Location:  Majestic Theatre
         224 East Houston Street
         San Antonio, Texas   78205

 The two San Antonio hotels below, both within one
 block of the Majestic Theatre, are offering a
 discount to Biglari Holdings Shareholders. Click on the
 hotel links below to book a reservation.

The St. Anthony

Hotel Valencia